Retail technology systems provider Pacsoft has reduced losses in the 2001/2002 financial year with a turnaround of $1.1 million. Group revenue of $4 million represented a 26.5 per cent rise compared with the 2000/2001 finacial year, but after tax earnings produced a loss of $527,000.
Pacsoft Managing Director, Andrew Darbyshire, said the Sydney arm of the business had been through a traumatic period, but the turnaround had been satisfying.
It was significant because Pacsoft's revenue in the 2000/01 financial year benefited from a one-off negotiation with (Optus parent company) Singtel.
“That year's revenue was largely due to the sale of source codes to Singtel which was worth around $500,000 to Pacsoft,” Darbyshire said.
“The board and management are pleased that the progress that they have been seeing within the company for the last year is showing itself in the financial results.”
In February, Retail Technology and Services Ltd became a substantial shareholder in Pacsoft Ltd with 28.5 million shares (19.95 per cent).